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QUESTION - The following information has been extracted from the financial statements (for the financial years of 2021 and 2020) of Paris Ltd, a well-established retail business.
2021
2020
Profit before Income Tax
$570,000
$700,000
Interest Expense
$96,000
$70,000
Tax Expense
$140,000
$178,000
Total Assets
$5,600,000
$5,200,000
Total Equity
$2,100,000
$2,200,000
Total current liabilities
$2,110,000
$1,700,000
Total non-current (interest bearing) Liabilities
$1,390,000
$1,300,000
REQUIRED -
1. Determine the 'Debt to total asset ratio' and "Times interest earned ratio' of Paris Ltd for both the years and provide an assessment on the long-term financial structure of the business on the basis of those ratios.
2. What limitations are there to conducting the analysis in part (a) above?
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